Stocks up on first trading day of June; oil closes above $60 US

Stock markets are clawing their way higher on Monday, the first trading day of June.

With about 20 minutes left in the session, Toronto’s benchmark S&P/TSX Composite Index is up 45 points to 15,059, with eight of the TSX’s 10 sectors in positive territory. Energy stocks are lagging.

In New York, all three major indexes are flashing green, with the Dow Jones Industrial Average up 47 points to 18,058, the Nasdaq Composite Index tacking on 16 points to 5,086, and the S&P 500 Index gaining 6.8 points to 2,114.

The July futures contract for West Texas Intermediate (WTI) crude, the key grade of U.S. light oil, bounced up late in the session to close down just 10 cents US per barrel at $60.20. It traded as low as $59.33 per barrel earlier in the day.

Traders expect the Organization of Petroleum Exporting Countries (OPEC), which pumped an estimated 31.2 million barrels of crude per day in May, according to a Reuters survey, to continue to flood glutted global markets with crude in a bid to boost its market share.

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